Kotak Mahindra’s profit up 84 percent

Mumbai, May 9 (IANS) Kotak Mahindra Bank has announced a consolidated profit after tax (PAT) of $247.80 million (Rs.9.912 billion) during the fiscal year 2008 compared to $134.55 million for the previous year, recording a growth of 84 percent. The total income increased to $1.88 billion for the year ended March 31, 2008 from $1.07 billion in the corresponding period a year ago, an increase of 76 percent.

For the latest quarter ending March, the company has posted profit after tax (PAT) of $60.02 million compared to $42.58 million for the corresponding quarter last year.

On standalone basis, the bank has posted a PAT of $73.5 million in financial year 2007-08 from $35.25 million last year, an increase of 108 percent.

For the last quarter in 2008, the bank’s PAT (on standalone basis) has gone up by 86 percent to $17.25 million, compared to $9.25 million in the previous year.

The company has declared a dividend of 7.5 percent. The firm also appointed Asim Ghosh as a director. Ghosh was earlier working as managing director of Vodafone Essar Ltd.